Marijuana Business Magazine March 2020

Nevada Grow Adds Board Member With Ag and Pharma Experience Flower One Holdings, a cannabis cultivation and product-manufactur- ing company in Nevada, appointed Molly Hemmeter to its board of directors. Hemmeter is on the board at Wilbur-Ellis, an international mar- keter, distributor and manufacturer of agricultural products, animal nutrients and specialty chemicals and ingredients that has annual sales of more than $3 billion. Hemmeter recently served as CEO, president and board member at Landec Corp., a publicly traded company in the health, wellness and pharma sectors with revenues of more than $550 million. Hemmeter replaces Warner Fong , who is stepping down due to the demands and time requirements of his other professional duties and obligations. Bierman out at MedMen Adam Bierman , the co-founder of once-high-flying cannabis retailer MedMen Enterprises, resigned as chief executive and surrendered his voting control. The resignation, effective Feb. 1, comes as the Los Angeles-based company has laid off hundreds of employees, sold noncore assets and has been beset by ques- tions about its financial health. MedMen said co-founder Andrew Modlin also has agreed to give up his super voting shares by December 2020. Super voting shares provide holders with larger-than-proportionate voting rights. Shareholders now will have a stronger say and, theoretically, the ability to change control of the company, said Mike Regan, an equity analyst for Marijuana Business Daily’s Investor Intelligence. The company’s board of directors appointed Ryan Lissack as interim CEO. He is the company’s chief operating officer and chief technology officer. Booth Exits Aurora Terry Booth stepped down as chief executive of Aurora Cannabis, the Canadian multinational marijuana company he helped build over the past seven years. Aurora announced Booth’s retirement after stock markets closed Feb. 6. The Alberta company also said 500 full-time positions were eliminated to save costs. Executive Chair Michael Singer takes over as interim CEO. Booth steered Aurora to become one of the biggest cannabis companies in the world, but shareholders grew restless as losses piled up and no clear pathway to MEGA EQUIPMENT & SUPPLY ™